AsianFin -- Tesla (TSLA) shares climbed 2% in premarket trading on Tuesday, following a surge on Monday that erased the company’s year-to-date losses after CEO Elon Musk purchased Tesla shares for the first time since 2020.

The billionaire entrepreneur disclosed that he bought 2.6 million Tesla shares on Friday, valued at roughly $1 billion. Investors interpreted the move as a strong endorsement of Tesla’s growth prospects, particularly as the company advances into autonomous technologies including robotaxis and humanoid robots.

Musk’s share purchases came shortly after Tesla’s board unveiled a proposed compensation package for him worth nearly $1 trillion. The ambitious 10-year plan sets aggressive targets, encompassing Tesla’s emerging robotaxi and humanoid robot businesses, and aims to grow the company’s market capitalization from approximately $1 trillion today to $8.5 trillion.